The monthly average prices of regular gas is listed in the table below:
The mean value of a set is defined as the summation of all values divided by the number of values in the set. In the sample above, the mean value must be calculated as follows:
=mean= Sum of all the valuesnumber of values= $40.35812=$3.363
The median value of a set refers to the middle value when the data is arranged from lowest to highest. In the average monthly prices of regular gas, since there are twelve values, the average of the 6th, which Continue reading...